Dogecoin is currently trading above the $0.4250 support against the US Dollar and is in a bullish zone. It is showing signs of potentially surpassing the $0.4650 resistance, indicating the possibility of another rally.
The price of DOGE started increasing above $0.420 and is trading above both the $0.4250 level and the 100-hourly simple moving average. A key bearish trend line was broken, enabling DOGE to maintain its upward momentum.
Immediate resistance is around $0.4450, close to the 76.4% Fib retracement level of a prior downward move. Further resistance levels are at $0.450 and $0.4650. If DOGE successfully climbs above $0.4650, it could target $0.4750 and potentially $0.5000, with the next major stop being $0.5200.
However, if DOGE fails to climb above $0.4450, it may face declines. Initial support is around $0.4250, with major support near $0.4120 and $0.4000. A break below these levels could lead to declines towards $0.3880 or $0.3750.
Technical indicators such as the hourly MACD and RSI suggest bullish momentum, supporting the potential for further price increases.
